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Alternative Market Briefing

KKR raises $4.3bn for U.S. real estate-focused fund

Tuesday, October 05, 2021

Laxman Pai, Opalesque Asia:

Global investment firm KKR closed a $4.3 billion fund dedicated to investing in underperforming real estate mainly in the United States.

The KKR Real Estate Partners Americas III (REPA III) will focus on all commercial real estate asset classes, particularly industrial, multifamily and self-storage.

The previous fund, KKR Real Estate Partners Americas II, closed at $2 billion in 2018, exceeding its $1.5 billion fundraising target.

"More than double the size of our predecessor fund, REPA III demonstrates the enthusiasm our investors have for the current opportunity set in the Americas as well as their confidence in our integrated platform to deliver differentiated absolute and relative investment performance through changing market cycles," said Chris Lee, Head of Real Estate Americas for KKR.

In conjunction with dedicated funds raised in Asia and Europe over the last 12 months, KKR's global opportunistic real estate equity strategies oversee more than $8 billion across three active regional funds.

REPA III received strong backing from a diverse group of new and existing global investors, including public pensions, sovereign wealth funds, insurance companies, family offices, high net worth individual investors, and other institutional investors. As of September 2021, REPA III had already committed more than $1 billion of capital.

Investors in the new fund include New York State Common Retirement Fund, Albany; Minnesota State Bo......................

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